Smurfit Kappa amend & extend unwraps upgrade possibility

Moody’s has said it would expect to upgrade Smurfit Kappa Group’s corporate family rating — from Ba3 to Ba2 — and roughly €1.6bn of high yield bonds, should lenders amend and extend the Irish packaging company’s bank facilities. Smurfit Kappa launched the request on Thursday morning alongside the release of its 2011 results.